Argentinian Federal Prosecutor Eduardo Taiano is investigating a financial scandal linked to President Javier Milei and LIBRA memecoin.

The controversy began when Milei allegedly promoted the token before its collapse, causing huge investor losses.

This is a deepfake video of President Javier Milei. He is touting a memecoin called LIBRA. The token was a rug-pull and is being linked to huge investor losses.

Also Read: Argentina's New President May Face Impeachment Over Linked Memecoin Scam

This has led to an investigation by Federal Prosecutor Eduardo Taiano. He is planning to freeze $110 million in assets and retrieve erased social media posts. The goal is to track down any questionable transactions linked to the president and the memecoin.

The probe is planning to request the freezing of suspicious digital wallets to prevent the funds from being laundered and rendered untraceable. Additionally, Taiano is aiming to gain access to more information from foreign exchanges.

This comes after the Argentinian media outlet Clarín reports that the investigation has already uncovered a wallet that moved $4.5 million in funds to a new address.

From there, some of the funds were used to purchase a memecoin called POPE. This pattern suggests that the individuals behind the scam are attempting to launder the funds.

The Federal Prosecutor has also listed any expert who could have helped Javier Milei with knowledge of blockchain and crypto. To do so, he is requesting all of the call records and the history of the visitors to the president’s residence.

This scandal has also led the officials in political opposition to call for Milei’s impeachment.

Moreover, this disaster has damaged Milie’s public image and might be critical in the upcoming congressional midterm elections. This comes as Milei stated that he did not promote this memecoin and that he was spreading the word about LIBRA.

At least $107 million has been found to be transferred to eight wallets linked to the LIBRA token scandal. This has resulted in multiple lawsuits and the Argentinan crypto investigation.

Argentina might soon enforce stricter rules on crypto endorsements by officials and demand more transparency in blockchain transactions. It might also begin cooperating with foreign exchanges to help trace illegal funds and put a stop to money laundering.

As crypto continues to evolve, such a scandal serves as a stark reminder of the risks of speculation and political involvement in digital assets. It remains to be seen whether this will spark lasting reforms or fade into another unresolved case.